Exagen price target lowered to $10 from $15 at KeyBanc

KeyBanc lowered the firm’s price target on Exagen (XGN) to $10 from $15 and keeps an Overweight rating on the shares. The firm notes the company posted Q4 earnings in line with the Street from a top-line perspective as the ASP headwind impact continued into Q4. Since the lower price was a Q3 one-off, comparisons will ease in the first half of 2026. While FY26 guidance is conservative, management has a strong reimbursement background and potential ASP upside exists in FY26 and FY27, KeyBanc argues.